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ssi

The State Duma of Russia has passed the cryptocurrency tax reform bill in the first reading

The State Duma of Russia has passed a cryptocurrency tax reform bill submitted by the government in the first reading, aiming to further clarify the tax rules related to digital assets. According to the draft, the taxable base for cryptocurrency transactions will be calculated based on the positive difference between income and costs, allowing investors to offset gains and losses from digital currencies and foreign digital rights assets within the same tax period.The bill also requires brokers and trust management institutions to fulfill the obligation of withholding and paying personal income tax in cryptocurrency and foreign digital rights transactions, and to retain relevant transaction vouchers for at least five years. At the corporate level, except for cryptocurrency mining, income and expenditure related to foreign trade involving digital assets will be included in the corporate income tax base, and foreign digital rights assets will also be treated as cryptocurrency for tax purposes.In addition, the Budget and Tax Committee of the State Duma of Russia has suggested further amendments to the bill in the second reading, requiring licensed cryptocurrency exchange platforms to assume tax agency functions, directly withholding personal income tax when users buy and sell cryptocurrencies. If the final legislation is passed, Russia's regulatory system for digital asset taxation will be further improved.

Russia may impose fees on "unfriendly" cryptocurrency transactions to protect investors

Russian Deputy Finance Minister Ivan Chebeskov stated that Russia may introduce fees, recommendations, and technical protection mechanisms for "unfriendly" cryptocurrency transactions to protect Russian investors. During the preparation for the second reading of the cryptocurrency market regulation bill, one of the core topics is whether to allow specific digital assets (including USDT and BNB) to participate in trading. Ivan Chebeskov pointed out that the operation of such tools may pose high risks to Russian users, and therefore additional protective measures are being considered, including economic incentives such as fees or recommendations to encourage citizens to hold other assets.Previously, the Russian Ministry of Finance considered excluding USDT from the cryptocurrency market regulatory framework, but industry participants expressed their willingness to bear the risks of using the tool themselves. Additionally, in the regulatory concept proposed by the Central Bank of Russia last December, it was suggested that digital currencies and stablecoins be classified as foreign exchange assets, allowing buying and selling but prohibiting their use for domestic payments for goods and services. Ineligible investors may purchase the most liquid cryptocurrencies after passing specific tests, and the annual limit for purchasing assets through a single intermediary does not exceed 300,000 rubles.
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